Wells Fargo & Company MN reduced its position in Pinnacle West Capital Corporation (NYSE:PNW) by 19.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 613,994 shares of the utilities provider’s stock after selling 150,651 shares during the quarter. Wells Fargo & Company MN owned about 0.55% of Pinnacle West Capital Corporation worth $52,288,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PNW. BlackRock Inc. boosted its position in shares of Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock valued at $899,860,000 after acquiring an additional 10,498,905 shares during the period. Boston Partners boosted its position in shares of Pinnacle West Capital Corporation by 30,924.3% in the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock valued at $174,796,000 after acquiring an additional 2,045,950 shares during the period. American Century Companies Inc. boosted its position in shares of Pinnacle West Capital Corporation by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after acquiring an additional 1,470,383 shares during the period. Vanguard Group Inc. boosted its position in shares of Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock valued at $940,311,000 after acquiring an additional 398,486 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Pinnacle West Capital Corporation by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock valued at $219,732,000 after acquiring an additional 297,131 shares during the period. Institutional investors own 84.20% of the company’s stock.

In other news, Director Kathryn L. Munro sold 1,806 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the transaction, the director now directly owns 17,852 shares in the company, valued at approximately $1,611,678.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Donald E. Brandt sold 35,013 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the transaction, the chairman now owns 118,574 shares of the company’s stock, valued at $10,620,673.18. The disclosure for this sale can be found here. Insiders sold a total of 41,419 shares of company stock valued at $3,713,068 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.

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A number of equities analysts have recently commented on PNW shares. BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Morgan Stanley lifted their target price on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Finally, BMO Capital Markets reiterated a “hold” rating and set a $89.00 target price on shares of Pinnacle West Capital Corporation in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $83.67.

Pinnacle West Capital Corporation (PNW) opened at 89.27 on Friday. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $90.92. The stock has a market capitalization of $9.96 billion, a P/E ratio of 19.72 and a beta of 0.38. The firm’s 50 day moving average is $89.04 and its 200 day moving average is $86.23.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The business had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. During the same period in the prior year, the company posted $1.08 EPS. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 1st were paid a $0.655 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.62 annualized dividend and a yield of 2.93%. Pinnacle West Capital Corporation’s payout ratio is 57.96%.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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Institutional Ownership by Quarter for Pinnacle West Capital Corporation (NYSE:PNW)

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